GARRICK PARADE, LORD STREET SOUTHPORT, MERSEYSIDE PR8 1RN - TOWN CENTRE LEISURE INVESTMENT OPPORTUNITY
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GARRICK PARADE, LORD STREET
SOUTHPORT, MERSEYSIDE
PR8 1RN
T O W N C E N T R E L E I S U R E I N V E S T M E N T O P P O R T U N I T Y
INVESTMENT SUMMARY
• Located in the affluent costal town of Southport. • Current rent of £195,778 per annum.
• Comprising 47,734 sq ft. • May be suitable for alternative uses subject to necessary planning consents.
• Site area of approximately 0.92 acres, situated in the town centre. • Seeking offers in excess of £1.667M (One Million Six Hundred and Sixty
Seven Thousand Pounds) subject to contract and exclusive of VAT.
• Let to Mecca Bingo Ltd until September 2021.
• Net initial yield of 11% after allowance for unadjusted purchasers costs
• Tenant did not exercise their recent break option showing their
of 6.8%.
commitment to the property.
LOCATION SITUATION
Southport is an attractive and affluent coastal town located in Merseyside approximately 16 miles The subject property is situated on the north side of Garrick Parade which runs parallel to Lord
north of Liverpool, and 34 miles north west of Manchester. Road communications are excellent Street, one of Southport’s principal retailing thoroughfares. Nearby occupiers include a large
with the town benefiting from the A565 which runs south to Liverpool and north to Preston. Morrisons supermarket, B&M Bargains, Travelodge, Pizza Express and JD Wetherspoon.
Rail links in Southport are also strong with Southport Railway Station providing regular direct
services to Liverpool Central with an approximate journey time of 45 minutes.
MANCHESTER
KIN
GSW
DU
KE S
AY
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DESCRIPTION
The subject property comprises a grade II listed bingo hall of brick construction with a site area of
approximately 0.92 acres.
The principle entrance is accessed at the corner of Kingsway and Lord Street behind which is a
reception and gaming machine area. This leads through to the main bingo hall area accommodating
numerous seats for customers. Situated off the bingo hall is a bar and ticket sales desk.
There is a car park located to the rear of the property providing approximately 50 spaces (held on
a long lease from Safeway Stores Ltd expiring 2096).
ACCOMMODATION
Floor Sq M Sq417000
Ft 41700
Ground 1,990.81 21,429
Basement 242.18 2,607
Mezzanine 175.73 1,892
Box Mezzanine 112.11 1,207
Circle 1,100.86 11,850
Upper Circle 812.85 8,749
Total 4,434.54 47,734
333200
333300
Metres
0 5 10 20 30 40 50
Scale: 1:1250
Mecca Bingo
Garrick Parade
Supplied by: National Map Centre Lord Street Plot centre co-ordinates: 333209,417
License number: 100031961
Herts Southport Download file: LP_Mecca_
Produced: 09/03/2018 PR9 1RN Project name: LP_Mecca_
p
Serial number: 1958843
© Crown copyright and database rights 2018. OS 100031961
TENURE COVENANT
The property is held majority Freehold.
The car park to the rear is held long leasehold from Safeway Stores Limited on a lease expiring
27th August 2096 at a peppercorn rent. Mecca Bingo Ltd is a wholly owned subsidiary of the Rank Group who are a British gambling
and leisure company which incorporates the brands Mecca Bingo and Grosvenor Casinos. In the
TENANCY
UK, the company operates 55 casinos and 98 bingo halls with over half a million customers each
year, together with online gambling and betting. The Rank Group is listed on the London Stock
Exchange and is a constituent of the FTSE 250 index.
The entire property is let to Mecca Bingo Ltd for a term expiring 28th September 2021 at a current
rent of £195,778 per annum. The lease is held on full repairing and insuring terms and subject to a For the year ending 30th June 2017, Mecca Bingo Ltd reported a turnover of £203.34M and pre-tax
schedule of condition which can be provided upon request. profits of £39.807M. For the same period the company reported a net worth of £59.048M.
The tenant has recently not exercised their break option showing their commitment to the property.
The tenant has the right to renew at the end of the lease at the market rent.
At the time of writing these details, we understand that there are several subleases in place along
the ground floor, fronting onto Garrick Parade.
EPC FURTHER INFORMATION
The property has an EPC rating of E. Should you wish to view the property or require any further information please contact
the sole agents.
VAT STEPHEN RAINGOLD
stephenraingold@lewisandpartners.com
Value added tax will be applicable to the sale of this property.
JOSEPH RANTOR
josephrantor@lewisandpartners.com
PROPOSAL
We are seeking offers in excess of £1,667,000 (One Million Six Hundred and Sixty
Seven Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level
will reflect a net initial yield of 11% after allowance for unadjusted purchasers costs of 6.8%.
Chartered Surveyors and Property Consultants
15/19 Cavendish Place, London W1G 0QE
Tel: 0207 580 4333
SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT
LEWIS & PARTNERS LLP FOR THEMSELVES AND FOR THE VENDORS OF THIS PROPERTY WHOSE AGENT THEY ARE GIVE NOTICE THAT:-
1. These particulars do not constitute any part of the offer for sale or contract for sale.
2. All statements contained in these particulars as to this property are made without responsibility on the part of Lewis & Partners LLP or the vendors or lessors.
3. None of the statements contained in these particulars as to this property are to be relied on as statements or representations of act.
4. Any intending purchasers must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars.
5. Any plans or photographs or drawings shown in these particulars are to enable prospective purchasers or tenants to locate the property. The plans are photographically reproduced and therefore not to scale except where expressly stated. The plans, photographs or drawings are for
identification purposes only.
6. No warranty or undertaking is given in respect of the repair or condition of the properties or any items expressed to be included in the sale.
7. Any properties or drawings of the relevant property or part thereof or the neighbouring areas may not depict the property or the neighbouring areas at the date a prospective purchaser or tenant inspects the property. Prospective purchasers are strongly advised to inspect the property
and neighbouring areas.
8. Lewis & Partners LLP have not measured the property and have relied upon clients information. Therefore Lewis & Partners LLP give no warranty as to their correctness or otherwise and the purchasers must rely on their own measurements.
9. All terms quoted are exclusive of value added tax unless otherwise stated.
10. The vendors do not make nor do Lewis & Partners LLP any person(s) in their employment give any warranty whatsoever in relation to this property.
11. These details are believed to be correct at the time of compilation but may be subject to subsequent amendment.
12. These details were prepared as of MARCH 2018
Adrian Gates Photography & Design 07710 316 991
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